The founder of the crypto payment network Celsius gave his wife a large part of the token offering, thereby reducing his own enormous share in the process.
Alex Mashinsky, CEO of Celsius, gave Ms. Krissy 15 million CEL tokens as a birthday present valued at an estimated $ 20 million at today’s prices.
I gave my wife @KrissyMashinsky a very special gift of 15,000,000 CEL tokens for her very special birthday. She went through everything with me and ALWAYS supported me, even when I made stupid mistakes. I love you Krissy and couldn’t have done @CelsiusNetwork without you. https://t.co/CXdzUBpH9k
– Alex Mashinsky © ️ (@Mashinsky) October 25, 2020
The move has shifted the balance of the list of top CEL token holders, as observed by Twitter user “Kevin – HODL” (@Crypto_Flippin). Mashinsky is still at the top, but now his wife would be the third largest token holder on the list.
The community has been thinking about the token shift with a Twitter user named “bitcoin_giraffe”.
“What worries me more is the amount he has. It gives the whale a whole new definition. “
The move seems a bit unusual because under marriage law (unless there is a marriage agreement) she is entitled to half of Mashinsky’s assets anyway. Krissy Machinsky runs a company called USA Strong that uses blockchain to make sure that products supposedly made in America are actually made.
Celsius, which completed a successful first $ 50 million coin offering in March 2018, is a centralized crypto lending platform with a mobile app that allows users to earn interest on stable coins and a range of cryptocurrencies.
The platform borrows loans from a group of customers and issues crypto-collateralized loans to institutional customers while capturing the interest rate differential. 80% of the generated returns are paid to members and the community, 20% to Celsius.
These are essentially DeFi style loans that are regulatory compliance and CEO Mashinsky in control.
In June 2020, Celsius completed a $ 20 million fundraiser from the crypto community. Mashinsky did not inform private equity owners of the gift. According to the official website, over $ 8.2 billion in loans were processed, over 200,000 active users, and nearly $ 1.6 billion in community assets.
CEL token prices have done well lately, hitting an all-time high of $ 1.38 on October 10, according to Coingecko. Since the start of the year, CEL tokens have increased 880% to their current price of $ 1.33. There are currently 361 million tokens in circulation out of a total of 695 million.